Banks get more time to submit foreclosure plans

WASHINGTON – June 14, 2011 – Federal regulators are giving the nation’s largest mortgage lenders an extra month to show how they plan to address problems with their foreclosure practices.

In April, the government called on 16 mortgage lenders and servicers to reimburse homeowners who were incorrectly foreclosed upon. The lenders and servicers were also given 45 days to hire auditors to show how many homeowners could have avoided foreclosure in 2009 and 2010. They would then be required to submit plans that show how they intend to fix their practices.

Regulators said Monday that the Department of Justice asked them to give the banks and financial firms another 30 days to coordinate with state and federal agencies.

Citibank, Bank of America, JPMorgan Chase and Wells Fargo were among the lenders cited in the report.
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